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G/GM Real Estate Corp. v. Susse Chalet Motor Lodge of Ohio, Inc.
Ohio Supreme Court
575 N.E.2d 141 (1991)
G/GM Real Estate Corporation (plaintiff) contracted to purchase a hotel from Susse Chalet Motor Lodge of Ohio, Inc. (defendant). G/GM’s title search revealed a memorandum of lease of the hotel from Susse to a third party that had not been properly recorded. G/GM sought an affidavit from Susse that the lease had been cancelled. Meanwhile, G/GM had pushed back the closing date multiple times, and there was evidence that it was unable to pay the tender price. The sale did not close. G/GM sued Susse, and Susse counterclaimed. G/GM claimed that Susse failed to provide marketable title. Susse claimed that G/GM failed to tender the purchase price. The trial court ruled in favor of Susse, finding that G/GM breached the contract by failing to tender the purchase price. The court of appeals reversed. Susse appealed.
Rule of Law
Holding and Reasoning (Wright, J.)
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